The Ministry of Finance proposed to cut 51.4 per cent of the total number of business investment conditions under the ministry’s management.
The ministry also proposed to amend and supplement 16 decrees in many fields including insurance, securities, price appraisal, customs, accounting, auditing, lottery, electronic games for foreigners, casino, betting business, credit rating services and voluntary retirement fund management services.
For the insurance businesses, the Ministry of Finance proposed to abolish the conditions that insurance enterprises, foreign branches or insurance brokerage enterprises must meet upon establishment.
For Vietnamese organisations to set up insurance limited liability companies, the draft decree eliminated the condition that investors must operate in the fields of finance, banking and insurance to attract more investors to invest in the insurance market.
In the field of securities, the ministry reduced the conditions on minimum charter capital for self-trading securities activity from VND100 billion (US$4.3 million) to VND50 billion and reduced the conditions on the number of years of experience with general directors.